ICT Market Revenues Reach $90-B

The Information and Communications Technology (ICT) market in the Philippines is expected to experience robust growth in the next five years because of huge investments in both the government and private sectors.

Photo Insert: More than 5,000 stakeholders and professionals in cybersecurity and cloud technologies are expected to attend the first Cybersphere Philippines 2023, which is expected to be organized annually for five years.

According to Global Data (July 2022 ) the global ICT market in the Philippines was valued at US$14.04 billion in 2021 and was expected to reach US$20.6 billion by 2026.

The cumulative revenue generation opportunities for ICT in the Philippines are estimated to reach US$89.98 billion between 2022 to 2026, according to a press statement issued by the Cybercrime Investigation and Coordinating Center (CICC) and the Singapore-based APAC Expo Pte. Ltd.

Major infrastructure projects are also in the pipeline. Some P12.47 billion (US$226.5 million) has been allocated for 2023 for ICT and digitalization, about P4.24 billion (US$ 77 million) of which has been allocated to DICT, according to the statement released by CICC and APAC.

The statistics on ICT investments were released in connection with the holding of the first Cybersphere Philippines 2023 on September 6 and 7, 2023 at the SMX Convention Center.

More than 5,000 stakeholders and professionals in cybersecurity and cloud technologies are expected to attend the first Cybersphere Philippines 2023, which is expected to be organized annually for five years.

Singapore-based APAC Expo Pte. Ltd. has the exclusive right to organize the international conference and exhibition within the next five years with the support of the Department of Information and Communications Technology (DICT) and the Cybercrime Coordination and Investigating Center (CICC).

The Memorandum of Agreement was signed by CICC and APAC on April 24 here in Manila and the theme for this year’s event is “Towards A Cyber Resilient ICT Nation.” The Philippines was chosen as the site for the event because of the expected robust growth of the ICT market here

“Cybersphere Philippines 2023 is thus the best place to meet, discuss and learn about all these matters and to explore great opportunities in the Philippines’ ICT, cybersecurity, and cloud technology market,” APAC Managing Director Andrew C. Marriott said.

CICC Executive Director Alexander K. Ramos welcomed the holding of the Cybersphere Philippines as a venue to showcase the latest technology on ICT, cyber security, and cloud technology.

“The technology in the sector changes so fast. We have to be up to date if we want to be a cyber-resilient nation,” CICC Executive Director Ramos said.

The National Institute of Standards and Technology (NIST) under the US Department of Commerce defines cyber resilience as “ the ability to anticipate, withstand, recover from, and adapt to adverse conditions, stresses, attacks, or compromises on systems that use or are enabled by cyber resources. Cyber resiliency is intended to enable mission or business objectives that depend on cyber resources to be achieved in a contested cyber environment .”